Chainlink’s price has been on an upward trend over the past five days, facing resistance around $10.60 at times. The LINK price is currently caught between bearish and bullish patterns, with market sentiment and trading volume determining the direction it will take.
In a significant move, SWIFT has introduced a global infrastructure aimed at simplifying tokenized asset transfers. This development could potentially serve as a bullish signal for Chainlink, considering the collaboration between the two entities to integrate traditional finance data onto blockchain networks.
With a focus on tokenized asset transfers and a projection of the real-world asset trading industry reaching a $30 trillion valuation by 2034, SWIFT’s initiative intertwines with Chainlink’s role within the industry. Chainlink’s Cross-Chain Interoperability Protocol (CCIP) plays a crucial role in connecting various on-chain ecosystems.
Moreover, SWIFT is planning to experiment with multi-ledger Delivery-versus-Payment (DvP) and Payment-versus-Payment (PvP) transactions on its platform, a service that Chainlink already provides through CCIP. The demand for Chainlink’s services, which are paid for using LINK tokens, could potentially drive the LINK token price beyond $12.
The boost in discussions around Chainlink on social media platforms, particularly following the SWIFT announcement, could lead to a surge in its price if market conditions stabilize. The recent increase in social dominance for Chainlink aligns with the positive sentiment surrounding the project.
Analyzing the LINK price trajectory, there is a chance for it to surpass $15 if it breaks through the current resistance levels. Despite facing short-term downtrends and encountering barriers around $11.25, a potential double bottom reversal pattern could push LINK towards the $15 mark with adequate trading volume.
Overall, the alignment between SWIFT’s new global infrastructure and Chainlink’s role in the tokenized asset ecosystem signals potential growth for both platforms. This collaborative effort could bring about significant developments in the industry, impacting the price behavior of Chainlink’s LINK token positively.